On Friday there is the consolidation of the euro / dollar before the US unemployment statistics publication.
The economic situation in the European Union and the UK is not in good state, investors find the US dollar more attractive. Published weak data on industrial production in Germany in May (-1.3% vs. – 0%) put the sole European currency under pressure.
The EUR/USD technical analysis and forecast for the week 11 July 2016 – 15 July 2016
The European currency was fixed above the key level of 1.10. The RSI aims to test the support level, which may be a signal to lower prices. However, the forecast for EUR / USD for the week 11/07/2016 – 07/15/2016 provides two scenarios:
1. The good breakdown of the level of 1.10, and further down to retest the downward movement of the lower boundary of the channel;
2. The rebound of prices up to the level from 1.10 to 1.12, the main goal will move to the upper limit of the downward channel.